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ICICI Direct Report
Titan Company Ltd.'s Q3 FY22 result was better than our estimates owing to all time high Ebitda margins, aided by a strong gross margin performance.
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As guided by the management in its pre-quarterly update, the jewellery division (excluding gold bullion sale) reported 39% YoY revenue growth.
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Overall jewellery sales (including gold bullion worth Rs 54 crore) was at Rs 9059 crore (up 32% YoY).
Overall revenue grew 32% YoY to Rs 10037 crore. Studded share improved marginally. Titan reported its highest Ebitda margins of 14.4%.
Robust operational performance resulted in the company reporting its highest ever quarterly profit after tax of Rs 1012 crore.
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